What is the City of Augusta, Richmond County Commercial Contractor Bond?
The City of Augusta, Richmond County Commercial Contractor Bond is a surety bond required by the Augusta Richmond County Planning & Development Department for all commercial contractors seeking to work within the city.
A surety bond is a three-party contract between the principal (in this case, the commercial contractor), the obligee (Augusta-Richmond County, Georgia), and the surety company. In this agreement, the surety guarantees that the principal will fulfill its obligations and comply with licensing and permit requirements.
If the principal fails to fulfill its obligations, the injured party may file a claim against the bond. The surety will investigate the validity of the claim and, if it is valid, compensate the injured party up to the bond amount. A lack of compliance with regulations, property damage, and a failure to uphold safety and construction standards may all constitute valid claims.
Unlike insurance policies, surety bonds require the principal to reimburse the surety for claims paid out, including any additional costs. In most cases, claims can be mitigated by operating ethically and resolving complaints promptly.
Who has to get this bond?
In Augusta, Richmond County, commercial contractors must fulfill certain requirements to obtain their license. One of these requirements is acquiring the City of Augusta, Richmond County Commercial Contractor Bond.
Contractors can only apply for commercial construction permits for their projects in Augusta if they hold an active license.
Construction permits for commercial contractors cover a wide range of work, including building or modifying structures and installing, repairing, or replacing electrical, gas, mechanical, or plumbing systems.
How much does the City of Augusta, Richmond County Commercial Contractor Bond cost?
The City of Augusta, Richmond County Commercial Contractor Bond requires a specific bond amount, typically either $20,000 or $40,000, depending on the project's scope.
Consequently, the cost of obtaining the bond will vary accordingly. Fortunately you only pay a small percentage (called a premium rate) of the full bond amount. Your premium rate is typically determined by your credit score. Applicants with excellent credit may see premiums starting as low as $100 for the $20,000 bond or around 1% of the $40,000 bond amount.
It is important to note that this soft credit check will not impact your credit score.
We encourage you to apply for your free bond quote, even if you have nonstandard credit. EZ Surety Bonds has long-standing relationships with various surety companies to find you the best quotes available.
Obligee Information
Augusta Richmond County is the obligee or entity that requires the Commercial Contractor Bond. Their contact information is as follows:
Augusta Richmond County
Planning & Development Department
1815 Marvin Griffin Road
Augusta, GA 30906
Phone: (706) 312-5050
How to get your City of Augusta, Richmond County Commercial Contractor Bond
Applying for surety bonds through EZ Surety Bonds is quick, easy, and free! Simply fill out our short online form, and within 24 hours, one of our friendly surety experts will contact you regarding your free quote. Once you've made the necessary payments and received your bond in the mail, you can file your bond with the obligee, Augusta, Richmond County.
If you have any further inquiries, feel free to contact our surety experts via email at bonds@southcoastsurety.com or by phone at 1-800-361-1720.
Frequently Asked Questions
How to register as a commercial contractor in the City of Augusta, Richmond County?
Contractors often have state licensing requirements; however, local municipalities often establish their own licensing requirements as well. This is the case with the Augusta-Richmond County Commercial Contractor License. To obtain this license, you must meet the following requirements:
- Obtain general liability insurance
- Obtain your Contractor Surety Bond
It should be noted that the Georgia Secretary of State needs to be contacted to obtain the state license. Without it, you cannot apply for a business license in Augusta-Richmond County.
How much is the City of Augusta, Richmond County Commercial Contractor Bond?
The bond amount required for the City of Augusta, Richmond County Commercial Contractor Bond is usually $20,000 or $40,000. Applicants with excellent credit may see premiums starting as low as $100 for the $20,000 bond or approximately 1% of the $40,000 bond amount. We work with a variety of surety companies to offer competitive quotes, and because the soft credit check will not harm your credit score, we encourage you to apply for your bond even if you have nonstandard credit. Simply apply on our website today and one of our surety experts will contact you regarding your free quote within 24 hours.
After I purchase my City of Augusta, Richmond County Commercial Contractor Bond, what do I do?
After you purchase your bond, we will mail the original document to you. Most obligees require you to file the original bond with them (usually signed by the principal), although some obligees may accept an electronic version. However, every obligee has its own unique filing requirements, so be sure to confirm your obligee's filing requirements before doing anything with your bond.
